Flood Insurance

Property Insurance for Princeton, Trenton, Yardley, Hamilton NJ,
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New Jersey Flood Insurance Information
 
Even though flood insurance is relatively inexpensive, most homeowners do not choose to purchase the insurance protection available. According to the Federal Insurance Administration, less than one-quarter of the homes in areas most vulnerable are insured against flood loss. In those areas, flooding is 24 times more likely to occur than a fire during the course of a typical 30 year mortgage.

A standard homeowners insurance policy will not cover damages caused by flooding. You must have flood insurance from an insurer that writes for the National Flood Insurance Program. If your community participates in a floodplain management program, you should be eligible to buy the coverage no matter if your flood risk is low, medium or high. Residents of "coastal barrier areas" and communities that do not participate in floodplain management programs may have trouble finding flood insurance coverage. Flood insurance is also available to renters, condominium owners, and co-op owners.

Flood Perils Include:
 

  • Unusual & rapid accumulation of runoff or surface waters from any source
  • Overflow of inland or tidal waters
  • Mud slides caused by flooding
  • The washing away, collapse, or subsiding of land along the shoreline due to erosion or undermining of waves or currents exceeding the cyclical levels
  • Sewer backup caused by flooding
​Outside of fire, flooding is the most widespread natural disaster. According to the National Flood Insurance Program, two adjacent properties have to be under water to call the situation a flood. In a rural area, at least 2 acres must be submerged.
 
 
The two primary types of New Jersey Flood Insurance Policies are:
 
Actual Cash Value Policy
The value of property as figured by determining the cost to replace the damaged or destroyed property and adjusting the replacement value by subtracting an amount that reflects depreciation. Or in other words, replacement cost minus depreciation. Homeowners are entitled to a replacement cost value if they live in their homes at least 80% of the time and have flood insurance coverage for at least 80% of their home's market value.
Commercial and apartment buildings will be covered only for actual cash value.
 
Replacement Value Policy
The amount it costs to replace or rebuild a damaged property. Replacement cost coverage is available only for the building portion of a condominium insurance policy. Owners of single-family homes may be able to buy replacement cost coverage on the building portions of their flood insurance policies. A New Jersey flood insurance replacement value policy will pay only the replacement value up to the coverage limit. For example, if rebuilding your home will cost $400,000, but you only purchased $300,000 in coverage, your insurance policy will pay you only $300,000.
Click on the link below to fill out a secure quote request form for a New Jersey Flood Insurance policy that will provide excellent personal insurance coverage at an affordable cost. Or you can speak with our New Jersey Flood Insurance specialist at (866) 771-1313 to discuss the policy features in more detail.